Every day Asia-London Periods Watchlist: AUD/NZD

With out main financial catalysts across the nook, we’re testing this technical setup on AUD/NZD that each short-term and swing gamers can try. Will the latest bounce attract sellers into the downtrend?

Earlier than shifting on, ICYMI, at this time’s Every day U.S. Session Watchlist checked out EUR/USD ahead of major U.S. economic updates, so be sure you test that out to see if there may be nonetheless a possible play!

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Recent Market Headlines & Financial Knowledge:

S&P 500 rises slightly to kick off September trading, Nasdaq hits all-time high

ISM Manufacturing PMI rises to 59.9 in August vs. 59.5 in July; Employment index contracts to 49 vs.  52.9 in July

Marked improvement in operating conditions amid strong
demand conditions – IHS Markit

U.S. offshore oil output inches back as infrastructure woes slow recovery

Global Manufacturing PMI eases to six-month low as supply chain issues constrain output growth

Italy’s Unemployment Rate Fell to 14-Month Low in July

Eurozone manufacturing growth slows to six-month low in August

Upcoming Potential Catalysts on the Economic Calendar

New Zealand Abroad Commerce Index at 6:45 pm GMT
South Korea GDP & Inflation Charge at 11:00 pm GMT
Australia Commerce Steadiness at 1:30 am GMT (Sept. 2)
Spain Unemployment Change at 7:00 am GMT (Sept. 2)
Euro space at PPI at 9:00 am GMT (Sept. 2)

If you happen to’re not aware of the foreign exchange market’s major buying and selling periods, try our Forex Market Hours device.

What to Watch: AUD/NZD

EUR/AUD 1-Hour Forex Chart
EUR/AUD 1-Hour Foreign exchange Chart

On the one hour chart of AUD/NZD above, we’ve received a sluggish and regular grind decrease that took a fast flip to the upside in at this time’s buying and selling session.

That is possible a response to a better-than-expected GDP update from Australia for the second quarter of 2021, and ignoring expectations that development will sluggish within the third quarter.

The pair is now buying and selling at a technical area of significance, the place a falling ‘highs’ sample is intersecting with a latest consolidation space that held the bulls again on the finish of August.

We’ve additionally received the stochastic indicator displaying short-term oversold sign, including to the argument that we might even see technical resistance inside the subsequent session or two.

So we’ll be looking out for bearish patterns to type earlier than contemplating a brief positions. We’ve received low tier financial knowledge from each New Zealand and Australia on the best way, however they’re not more likely to transfer the pair.

What’s extra more likely to transfer AUD/NZD is any recent pandemic updates, particularly any indicators of decelerating instances which will additional help New Zealand’s easing out of lockdown and/or accelerating case counts in Australia that additional helps prolonged lockdowns there.

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